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Business owner working finances build equity in a small business

How to Build Equity in a Small Business 

By Small Business Advice

Every business is created not merely to exist but to reach some goals that are established by its owners. Those goals can include survival for a newly established business or during a time of crisis, growing sales, growing market share, and growing profits. All these take planning, skill, and effort but as American economist, Benjamin Graham stated, “The worth of a business is measured not by what has been put into it, but by what can be taken out of it.”…

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Small business owner holding box of donations participate in charitable giving

Why Your Small Business Should Participate in Charitable Giving 

By Small Business Advice

According to SCORE, about 75 percent of small business owners participate in charitable giving. They reportedly donate about 6 percent of their profits each year to charities. They contribute in support of youth organizations, donate to first responders, support local service organizations like the Rotary, for example, and they donate food and service time to places like soup kitchens and food banks. Clearly, charitable giving is valuable, but it must be approached wisely.  The Benefits of Charitable Giving  The benefits of charitable giving include:  First,…

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Business owner holding money average small business profit

What to Know About the Average Small Business Profit 

By Small Business Advice

Every small business owner must focus on their business dreams, goals, and the essential struggle to secure an average small business profit. As Jason Fried, Founder and CEO of Basecamp stated, “A business without a path to profit isn’t a business, it’s a hobby.” And speaking even more bluntly, Hendrith Vanlon Smith, Jr., CEO of Mayflower-Plymouth said, “In business, profitability is a non-negotiable. If a business isn’t profitable, it’s worthless.”   Why is A Small Business Profit So Important?  Earning a profit is vital because profitability…

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Small business owners looking through financial records tax season accounting CPA

What Does Tax Season Look Like for Small Businesses? 

By Accounting Advice

Small businesses pay taxes by defined due dates each year, but tax season shouldn’t be considered as only a short run-up to the due dates. Rather, tax season should be considered a year-round “season.” Taxes are complicated and the penalties for mistakes, delayed payments, or missed payments can be severe, so it is wise to get professional assistance to take care of your small business tax obligations properly and proactively. Waiting until the last minute will limit money-saving options and complicate the preparation needed. …

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Small business people teamwork refocusing at start of another year evaluation strategic direction

How to Prepare Your Small Business at the Start of Another Year 

By Small Business Advice

A new year is upon us. As any good football, basketball, or soccer coach would advise, “start strong.” So, prepare your small business for success in another year by starting strong.    Why Start Strong?  By starting strong, you get a surge of momentum that helps you not fall behind on your goals as the year progresses. Starting strong can help employees be more motivated and energized. A strong beginning means refreshing goals, recharging, or even redirecting the organization. It…

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2023 taxes businesses partnership s corp tax return law form

New Form K-2 and K-3 for Partnership and S Corp Tax Return

By IRS News

  All owners and those in charge of filing partnership and s corporation tax returns:   The issue: In an effort to catch unreported foreign income, starting with the 2022 income tax return the IRS is requiring all businesses to fill out an additional 15 page form K-2 and K-3 as part of the business tax return reporting foreign income information. The only way to avoid filling out the additional information is to send all owners of the business entity…

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Business woman preparing to file taxes going over accounts

2022 Year-End Tax Planning Advice

By Accounting Advice

Everything we do is focused on the core belief that we succeed in life by helping others succeed. This letter is one complimentary piece of our intense planning and research effort throughout the year to help in your success. Feel free to share it with anyone you know who could benefit. Update on the latest at IRS The latest bill out of congress gives IRS $80 billion in new funding and the authorization to hire 80,000 more employees. When you…

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Increase value of your small business money concept

How to Increase the Value of Your Small Business 

By Small Business Advice

Every small business owner has many things to plan and many functions to manage. It can all be overwhelming. But one critical thing that guides many of the priorities is focusing on ways to increase the value of the business.  What is Business Value?  The value of a business is defined as the total value of its tangible and intangible elements. The tangibles include real estate, buildings, equipment, inventory, monetary assets, and stockholder equity. The intangibles include the strength of the brand, trademarks, goodwill, and public benefits.  …

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